The Federal Reserve’s target federal funds rate remains at 3.75% to 4% after today’s meeting of the 12 voting members of the Federal Open Market Committee, which is tasked with setting policy that promotes a 2% rate of inflation and a healthy labor market.

In a press conference announcing the decision, chair Kevin Warsh noted that U.S. employers continue to add jobs, contributing to a steady unemployment rate. But the committee, which raised the target rate for the first time in three years last month, is unlikely to reduce it as long as prices continue to rise.

“Economic activity is expanding at a strong pace, while uncertainty remains, owing in part to geopolitical developments,” Warsh says. “Domestic spending has been resilient, productivity growth is strong, and capital investment [is] robust. … But inflation remains elevated.”

The committee voted unanimously to enact September’s rate hike. In today’s meeting, two committee members, Lisa Cook and Beth Hammack, voted to raise the target rate again, to a 4% to 4.25% range.

Today’s decision is likely to draw the ire of President Donald Trump, who has lambasted the committee and some of its governors and bank presidents — including Cook as well as former chair and current member Jerome Powell — but has yet to personally criticize Warsh, whom he nominated to the post in January.

Fed governors “would like to see the country do badly, in my opinion, because I think interest rates should come down,” Trump said in a press conference earlier this month, the Telegraph reports.

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